A house sells for $\$ 298,000$ and a $7 \%$ down payment is made. A mortgage is secured at $4 \%$ for 15 years. Compute an amortization schedule for the first months. Round your answers to two decimal places, if necessary. The value of the mortgage is $\$ 277,140$ and the monthly payment is $\$ 2050.84$. Part: 0 / 3 Part 1 of 3 \begin{tabular}{cccc} Payment number Interest & Payment on Principal Balance of Loan \\ 1 & $\$ 924.48$ & \end{tabular}

Step 1 ：The problem provides the initial balance of the loan as $277,140, the annual interest rate as 4%, and the monthly payment as $2050.84.

Step 2 ：The interest for the first month is calculated using the formula: Interest = (Annual Interest Rate / 12) * Loan Balance. Substituting the given values, we get: Interest = (0.04 / 12) * 277140 = \$923.80.

Step 3 ：The payment on the principal is then calculated by subtracting the interest from the total monthly payment: Payment on Principal = Monthly Payment - Interest = 2050.84 - 923.80 = \$1127.04.

Step 4 ：The balance of the loan after the first month is calculated by subtracting the payment on the principal from the initial loan balance: Balance of Loan = Initial Loan Balance - Payment on Principal = 277140 - 1127.04 = \$276,012.96.

Step 5 ：\(\boxed{\text{Final Answer:}}\) \begin{tabular}{cccc} Payment number & Interest & Payment on Principal & Balance of Loan \ 1 & \$923.80 & \$1127.04 & \$276,012.96 \ \end{tabular}